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Previous: HEADLANDS HOME EQUITY LN TR SE 1999-1 CL A-1 AN CL A-2 NOTES, 8-K, 1999-11-19 |
Next: CPL TRANSITION FUNDING LLC, S-3, 1999-11-19 |
<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
__________________
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
November 15, 1999
Date of Report (Date of Earliest Event Reported)
Headlands Mortgage Securities Inc. (as Sponsor of the Headlands Home Equity
Loan Trust 1999-1 Home Equity Loan Asset-Backed Notes, Series 1999-1,
Class A-1 Notes and Class A-2 Notes)
HEADLANDS MORTGAGE SECURITIES INC.
----------------------------------
(Exact Name of Registrant as Specified in Its Charter)
Delaware 333-79833 68-0397342
-------- --------- ----------
(State or Other Jurisdiction (Commission File (I.R.S. Employer
of Incorporation) Number) Identification No.)
700 Larkspur Landing Circle, Suite 240, Larkspur, CA 94939
----------------------------------------------------------
(Address of Principal Executive Offices)
(415) 461-6790
--------------
(Registrant's Telephone Number,
Including Area Code)
Not Applicable
--------------
(Former Name or Former Address, if Changed Since Last Report)
<PAGE>
INFORMATION TO BE INCLUDED IN THE REPORT
Item 5. Other Events
------------
Headlands Mortgage Securities Inc. (the "Company") has previously
registered the offer and sale of the Headlands Home Equity Loan Trust
1999-1 Home Equity Loan Asset-Backed Notes Series, 1999-1, Class A-1
Notes and Class A-2 Notes (the "Series 1999-1 Notes").
The following exhibit which relates specifically to the Series 1998-1
Notes is included with this Current Report:
Item 7(c).Exhibits
--------
10.1 Monthly Payment Date Statement distributed to
holders of Series 1999-1 Notes dated November 15, 1999.
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Date: November 17, 1999
HEADLANDS MORTGAGE
SECURITIES INC.
By: /s/ Gilbert J. MacQuarrie
-------------------------
Gilbert J. MacQuarrie
Vice President, Treasurer and Secretary
(Principal Financial Officer and
and Principal Accounting Officer)
<PAGE>
EXHIBIT INDEX
Exhibit Number Page Number
- -------------- -----------
10.1 Monthly Payment Date Statement distributed to holders
of Series 1999-1 Notes dated November 15, 1999.......... 5
<PAGE>
Exhibit 10.1
Headlands Mortgage SERVICING CERTIFICATE
<TABLE>
==================================================================================================================================
<S> <C> <C> <C> <C>
Revolving Home Equity Loan LIBOR: 5.40625% Current Collection Period: 10/01/99-10/30/99
Asset-Backed Notes Margin A-1: 0.35500% P&S Agreement Date: 9/1/99
Series 1999-1 Class A-1 Note Rate: 5.76125% Original Closing Date: 9/29/99
Class A-2 Note Rate: 5.80625% Distribution Date: 11/15/99
Margin A-2: 0.40000% Record Date: 11/14/99
Interest Period 10/15/99
thru 11/14/99: 31 Pool Factor: 98.3624739%
Servicing Fee Rate: 0.50000% Initial Class A-1 O/C Amt: 1,600,227.33
Class A-1 Premium Fee Rate: 0.18000% Initial Class A-2 O/C Amt: 431,934.61
Class A-2 Premium Fee Rate: 0.18000%
Class A-1 O/C Amt as of Pmt Date: 2,349,572.79
Trustee Fee: 0.00750% Class A-2 O/C Amt as of Pmt Date: 579,559.87
Class A-1 Weighted Avg Loan 9.34912%
Rate:
Class A-2 Weighted Avg Loan 9.00932%
Rate:
Total Management Fee 1,000.00
=============================================================================================================================
</TABLE>
<TABLE>
<S> <C>
BALANCES
Beginning Class A-1 Pool Balance 214,083,591.26
Beginning Class A-2 Pool Balance 56,084,837.65
Beginning Class A-1 Note Balance -- CUSIP 422093AK0 211,352,738.09
Beginning Class A-2 Note Balance -- CUSIP 422093AL8 55,575,719.62
Class A-1 Overcollateralization Amount to Fill 5,115,690.17
Class A-2 Overcollateralization Amount to Fill 1,432,027.84
Ending Class A-1 Pool Balance 214,788,355.81
Ending Class A-2 Pool Balance 53,970299.55
Ending Class A-1 Note Balance -- CUSIP 422093AK0 210,943,654.54
Ending Class A-2 Note Balance -- CUSIP 422093AL8 53,390,739.68
Additional Balances Class A-1 6,848,457.29
Additional Balances Class A-2 456,927.74
Number of all Retransferred Mortgage Loans (Current Retransfer Date) 0
Retransferred Mortgage Loan Trust Balances (Current Retransfer Date) 0.00
Cumulative Number of all Retransferred Mortgage Loans (From Previous Distributions) 0
Cumulative Retransferred Mortgage Loan Trust Balances (From Previous Distributions) 0.00
Number of all Subsequent HELOC Mortgage Loans (Current Date) 0
Subsequent HELOC Mortgage Loan Asset Balance (Current Date) 0.00
Number of all Subsequent Second Lien Mortgage Loans (Current Date) 0
Subsequent Second Lien Mortgage Loan Asset Balance (Current Date) 0.00
Number of all Subsequent HLTV Mortgage Loans (Current Date) 0
Subsequent HLTV Mortgage Loan Asset Balance (Current Date) 0.00
Cumulative Number of ALL Subsequent Mortgage Loans 0
Cumulative Subsequent Mortgage Loan Asset Balance 0.00
Class A-1 Cumulative Excess of Draws Over Principal Paydown 1,495,128.48
Beginning Loan Count 6,297
Ending Loan Count 6,212
</TABLE>
<PAGE>
<TABLE>
<S> <C>
COLLECTION AMOUNTS Class A-1
1 Aggregate of All Mortgage Collections (Gross) 7,724,326.47
2 Total Mortgage Interest Collections (Gross) 1,580,633.73
Servicing Fees (current collection period) 89,201.50
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 6,143,692.74
3b Pre-Funded Balance 0.00
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 6,143,692.74
Aggregate of Transfer Deposits 0.00
Investor Loss Amount 0.00
Aggregate Investor Loss Reduction Amount 0.00
COLLECTION AMOUNTS Class A-2
1 Aggregate of All Mortgage Collections (Gross) 2,959,203.57
2 Total Mortgage Interest Collections (Gross) 387,737.73
Servicing Fees (current collection period) 23,368.68
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 2,571,465.84
3b Pre-Funded Balance 0.00
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 2,571,465.84
Aggregate of Transfer Deposits 0.00
Investor Loss Amount 0.00
Aggregate Investor Loss Reduction Amount 0.00
TOTAL COLLECTION AMOUNT
1 Aggregate of All Mortgage Collections (Gross) 10,683,530.04
2 Total Mortgage Interest Collections (Gross) 1,968,371.46
Servicing Fees (current collection period) 112,570.18
Deferred Interest Transfer (DI) 0.00
3a Mortgage Principal Collections 8,715,158.58
3b Insurance Proceeds 0.00
3c Net Liquidation Proceeds 0.00
3 Total Mortgage Principal Collections 8,715,158.58
Aggregate of Transfer Deposits 0.00
Investor Loss Amount 0.00
Aggregate Investor Loss Reduction Amount 0.00
Class A-1 Net Interest Collection 1,491,432.23
Class A-2 Net Interest Collection 364,369.05
DISTRIBUTION AMOUNTS Class A-1
Class A-1 Note Interest 8.6 (d)(iv) 1,048,537.08
Class A-1 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-1 Note Reserve Fund Amount 0.00
Investor Loss Amount 0.00
Previous Investor Loss Amount 0.00
Monthly Credit Enhancer Premium 8.6 (d)(ii) 31,702.91
Credit Enhancer Reimbursement 0.00
Accelerated Principal Distribution Amount 409,083.55
Spread Account Deposit 0.00
Indenture Trustee Fee 8.6 (d)(i) 1,320.95
Management Fee 8.6 (d)(iii) 787.74
Payment to Servicer 0.00
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Deferred Interest 0.00
Remaining Amount to Transferor 0.00
Total Certificate holders Distribution Allocable to Interest 1,491,432.23
Maximum Principal Payment 0.00
Scheduled Principal Collection Payment ((x)the excess of Max Prin Pymt (y) the HELOC Pool O/C Redctin Amt)
8.6(d)(v) 0.00
Accelerated Principal Distribution Amount 409,083.55
Loan Loss 0.00
Class A-1 Overcollateralization Deficit 8.6 (d)(vi) 0.00
Total Certificateholders Distribution Allocable to Principal 409,083.55
DISTRIBUTION AMOUNTS Class A-2
Class A-2 Note Interest 8.6 (d)(iv) 277,868.95
Class A-2 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-2 Note Reserve Fund Amount 0.00
Investor Loss Amount 0.00
Previous Investor Loss Amount 0.00
Monthly Credit Enhancer Premium 8.6 (d)(ii) 8,336.36
Credit Enhancer Reimbursement 0.00
Accelerated Principal Distribution Amount 70,441.84
Spread Account Deposit 0.00
Indenture Trustee Fee 8.6 (d)(i) 347.35
Management Fee 8.6 (d)(iii) 212.26
Payment to Servicer 0.00
Deferred Interest 0.00
Remaining Amount to Transferor 0.00
Total Certificateholders Distribution Allocable to Interest 357,206.76
Maximum Principal Payment 2,114,538.10
Scheduled Principal Collection Payment ((x)the excess of Max Prin Pymt (y) the Second Pool O/C Redctin Amt)
8.6(d)(v) 0.00
Accelerated Principal Distribution Amount 70,441.84
Loan Loss 0.00
Class A-2 Overcollateralization Deficit 8.6 (d)(vi) 0.00
Total Certificateholders Distribution Allocable to Principal 2,184,979.94
TOTAL DISTRIBUTION AMOUNT
Class A Note Interest 8.6 (d)(iv) 1,326,406.03
Class A Note Unpaid Interest Shortfall (current cycle) 5.01(i) 0.00
Class A Note Reserve Fund Amount 0.00
Investor Loss Amount 5.01(iii) 0.00
Previous Investor Loss Amount 5.01(iv) 0.00
Monthly Credit Enhancer Premium 8.6 (d)(ii) 40,039.27
Credit Enhancer Reimbursement 5.01(vi) 0.00
Accelerated Principal Distribution Amount 5.01(vii) 479,525.39
Spread Account Deposit 5.01(viii) 0.00
Indenture Trustee Fee 8.6 (d)(i) 1,668.30
Management Fee 8.6 (d)(iii) 1,000.00
Payment to Servicer per Section 7.03 5.01 (x) 0.00
Deferred Interest 5.01 (xi) 0.00
Remaining Amount to Transferor 5.01 (xii) 0.00
Total Certificateholders Distribution Allocable to Interest 1,848,638.99
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Maximum Principal Payment 2,114,538.10
Scheduled Principal Collection Payment 0.00
Accelerated Principal Distribution Amount 479,525.39
Loan Loss 0.00
Overcollateralization Deficit 8.6 (d)(vi) 0.00
Total Certificateholders Distribution Allocable to Principal 2,594,063.49
LOSSES/RETRANSFERS
Unpaid Class A-1 Note Interest Shortfall Due (From Previous Distributions) 0.00
Unpaid Class A-2 Note Interest Shortfall Due (From Previous Distributions) 0.00
Interest Earned on Shortfall @ applicable Certificate Rate 0.00
Investor Loss Reduction Amount (From Previous Distributions) 0.00
DISTRIBUTION TO CERTIFICATEHOLDERS (PER CERTIFICATE WITH A $1,000 DENOMINATION)
Class A-1
Total Class A-1 Note Distribution Amount Allocable to Interest 4.9531023
Interest Distribution Amount 4.9531023
Unpaid Note Interest Shortfall Included in Current Distribution 0.0000000
Unpaid Note Interest Shortfall Remaining after Current Distribution (Carryover) 0.0000000
Total Class A-1 Note Distribution Amount Allocable to Principal 1.9324378
Maximum Principal Payment 0.0000000
Scheduled Principal Collections Payment 0.0000000
Loan Loss 0.0000000
Accelerated Principal Distribution Amount 1.9324378
Class A-2
Total Class A-2 Note Distribution Amount Allocable to Interest 4.8713045
Interest Distribution Amount 4.8713045
Unpaid Note Interest Shortfall Included in Current Distribution 0.0000000
Unpaid Note Interest Shortfall Remaining after Current Distribution (Carryover) 0.0000000
Total Class A-2 Note Distribution Amount Allocable to Principal 38.3047568
Maximum Principal Payment 37.0698450
Scheduled Principal Collections Payment 0.0000000
Loan Loss 0.0000000
Accelerated Principal Distribution Amount 1.2349118
Total Interest Amount Distributed to Class A Certificateholder 9.8244067
Total Principal Amount Distributed to Class A Certificateholder 40.2371946
Credit Enhancement Draw Amount 0.00
DELINQUENCIES/FORECLOSURES
Class A-1
Number of Mortgages 30 to 59 Days Delinquent 75
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 2,717,358.07
Number of Mortgages 60 to 89 Days Delinquent 5
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 235,193.49
Number of Mortgages 90 to 179 Days Delinquent 2
Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent 74,341.59
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Number of Mortgages 180 or more Days Delinquent 0
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 0.00
Number of Mortgage Loans in Foreclosure 0
Aggregate Principal Balances of Mortgage Loans in Foreclosure 0.00
Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed 0.00
Aggregate Trust Balances of any Liquidated Loans in the Current Month 0.00
Class A-2
Number of Mortgages 30 to 59 Days Delinquent 7
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 1,433,535.39
Number of Mortgages 60 to 89 Days Delinquent 0
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 0.00
Number of Mortgages 90 to 179 Days Delinquent 0
Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent 0.00
Number of Mortgages 180 or more Days Delinquent 0
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 0.00
Number of Mortgage Loans in Foreclosure 0
Aggregate Principal Balances of Mortgage Loans in Foreclosure 0.00
Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed 0.00
Aggregate Trust Balances of any Liquidated Loans in the Current Month 0.00
TOTAL DELINQUENCIES/FORECLOSURES
Number of Mortgages 30 to 59 Days Delinquent 82
Aggregate Principal Balances of Mortgages 30 to 59 Days Delinquent 4,150,893.46
Number of Mortgages 60 to 89 Days Delinquent 5
Aggregate Principal Balances of Mortgages 60 to 89 Days Delinquent 235,193.49
Number of Mortgages 90 to 179 Days Delinquent 2
Aggregate Principal Balances of Mortgages 90 to 179 Days Delinquent 74,341.59
Number of Mortgages 180 or more Days Delinquent 0
Aggregate Principal Balances of Mortgages 180 or more Days Delinquent 0.00
Number of Mortgage Loans in Foreclosure 0
Aggregate Principal Balances of Mortgage Loans in Foreclosure 0.00
Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed 0.00
Aggregate Trust Balances of any Liquidated Loans in the Current Month 0.00
===========================================================================================================
RESERVE FUND ACTIVITY
Class A-1 Reserve Fund Beginning Balance 0.00
Class A-1 Reserve Fund Deposit/Withdrawal 0.00
Class A-1 Reserve Fund Ending Balance 0.00
Class A-2 Reserve Fund Beginning Balance 0.00
Class A-2 Reserve Fund Deposit/Withdrawal 0.00
Class A-2 Reserve Fund Ending Balance 0.00
OFFICER'S CERTIFICATE
All Computations reflected in this Servicer Certificate were made
in conformity with the Pooling and Servicing Agreement.
The Attached Servicing Certificate is true and correct in all material respects.
</TABLE>
------------------------------------------------
A Servicing Officer Teri Martine
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------------
HEADLANDS MORTGAGE STATEMENT TO NOTEHOLDERS
===================================================================================================================================
<S> <C> <C>
Revolving Home Equity Loan LIBOR: 5.40625% Current Collection Period: 10/01/99-10/30/99
Asset-Backed Notes Margin: 0.35500% P&S Agreement Date: 9/1/99
Series 1999-1 Class A-1 Note Rate: 5.76125% Original Closing Date: 9/29/99
Class A-2 Note Rate: 5.80625% Distribution Date: 11/15/99
Record Date: 11/14/99
Interest Period 10/15/99 thru
11/14/99: 31 Pool Factor: 98.3624739%
===================================================================================================================================
</TABLE>
<TABLE>
<S> <C>
BALANCES
Beginning HELOC Pool Balance 214,083,591.26
Beginning Second Lien Pool Balance 56,084,837.65
Beginning Class A-1 Note Balance -- CUSIP 422093AK0 211,352,738.09
Beginning Class A-2 Note Balance -- CUSIP 422093AL8 55,575,719.62
Ending Class A-1 Pool Balance 214,788,355.81
Ending Class A-2 Pool Balance 53,970,299.55
Ending Class A-1 Note Balance -- CUSIP 422093AK0 210,943,654.54
Ending Class A-2 Note Balance -- CUSIP 422093AL8 53,390,739.68
Additional Balances Class A-1 6,848,457.29
Additional Balances Class A-2 456,927.74
Number of all Retransferred Mortgage Loans (Current Retransfer Date) 0
Retransferred Mortgage Loan Trust Balances (Current Retransfer Date) 0.00
Cumulative Number of all Retransferred Mortgage Loans (From Previous Distributions) 0
Cumulative Retransferred Mortgage Loan Trust Balances (From Previous Distributions) 0.00
Number of all Subsequent HELOC Mortgage Loans (Current Date) 0
Subsequent HELOC Mortgage Loan Asset Balance (Current Date) 0.00
Number of all Subsequent Second Lien Mortgage Loans (Current Date) 0
Subsequent Second Lien Mortgage Loan Asset Balance (Current Date) 0.00
Number of all Subsequent HLTV Mortgage Loans (Current Date) 0
Subsequent HLTV Mortgage Loan Asset Balance (Current Date) 0.00
Cumulative Number of ALL Subsequent Mortgage Loans 0
Cumulative Subsequent Mortgage Loan Asset Balance 0.00
Class A-1 Cumulative Excess of Draws Over Principal Paydown 1,495,128.48
Beginning Loan Count 6,297
Ending Loan Count 6,212
COLLECTION AMOUNTS Class A-1
Aggregate of All Mortgage Collections 7,635,124.97
Total Mortgage Interest Collections 1,580,633.73
Servicing Fees (current collection period) (89,201.50)
Mortgage Principal Collections 6,143,692.74
Pre-Funded Balance 0.00
0.00
Total Mortgage Principal Collections 6,143,692.74
</TABLE>
<PAGE>
<TABLE>
<S> <C>
COLLECTION AMOUNTS Class A-2
Aggregate of All Mortgage Collections 2,935,834.89
Total Mortgage Interest Collections 387,737.73
Servicing Fees (current collection period) (23,368.68)
Mortgage Principal Collections 2,571,465.84
Pre-Funded Balance 0.00
0.00
Total Mortgage Principal Collections 2,571,465.84
TOTAL COLLECTION AMOUNT
Aggregate of All Mortgage Collections 10,683,530.04
Total Mortgage Interest Collections 1,968,371.46
Mortgage Principal Collections 8,715,158.58
Pre-Funded Balance 0.00
Total Mortgage Principal Collections 8,715,158.58
DISTRIBUTION AMOUNTS Class A-1
Class A-1 Note Interest 1,048,537.08
Class A-1 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-1 Note Reserve Fund Amount 0.00
Maximum Principal Payment 0.00
Scheduled Principal Collection 0.00
Accelerated Principal Distribution Amount 409,083.55
Loan Loss 0.00
Class A-1 Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 409,083.55
DISTRIBUTION AMOUNTS Class A-2
Class A-2 Note Interest 277,868.95
Class A-2 Note Unpaid Interest Shortfall (current cycle) 0.00
Class A-2 Note Reserve Fund Amount 0.00
Maximum Principal Payment 2,114,538.10
Scheduled Principal Collection 0.00
Accelerated Principal Distribution Amount 70,441.84
Loan Loss 0.00
Class A-2 Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 2,184,979.94
TOTAL DISTRIBUTION AMOUNT
Class A Note Interest 1,326,406.03
Class A Note Unpaid Interest Shortfall (current cycle) 0.00
Class A Note Reserve Fund Amount 0.00
Maximum Principal Payment 2,114,538.10
Scheduled Principal Collection Payment 0.00
Accelerated Principal Distribution Amount 479,525.39
Overcollateralization Deficit 0.00
Total Certificateholders Distribution Allocable to Principal 2,594,063.49
</TABLE>
<PAGE>
<TABLE>
<S> <C>
LOSSES/RETRANSFERS
Unpaid Class A-1 Note Interest Shortfall Due (From Previous Distributions) 0.00
Unpaid Class A-2 Note Interest Shortfall Due (From Previous Distributions) 0.00
Interest Earned on Shortfall @ applicable Certificate Rate 0.00
Investor Loss Reduction Amount (From Previous Distributions) 0.00
DISTRIBUTION TO CERTIFICATEHOLDERS (PER CERTIFICATE WITH A $1,000 DENOMINATION)
Class A-1
Total Class A-1 Note Distribution Amount Allocable to Interest 4.9531023
Interest Distribution Amount 4.9531023
Unpaid Note Interest Shortfall Included in Current Distribution 0.0000000
Unpaid Note Interest Shortfall Remaining after Current Distribution (Carryover) 0.0000000
Total Class A-1 Note Distribution Amount Allocable to Principal 1.9324378
Maximum Principal Payment 0.0000000
Scheduled Principal Collections Payment 0.0000000
Loan Loss 0.0000000
Accelerated Principal Distribution Amount 1.9324378
Class A-2
Total Class A-2 Note Distribution Amount Allocable to Interest 4.8713045
Interest Distribution Amount 4.8713045
Unpaid Note Interest Shortfall Included in Current Distribution 0.0000000
Unpaid Note Interest Shortfall Remaining after Current Distribution (Carryover) 0.0000000
Total Class A-2 Note Distribution Amount Allocable to Principal 38.3047568
Maximum Principal Payment 37.0698450
Scheduled Principal Collections Payment 0.0000000
Loan Loss 0.0000000
Accelerated Principal Distribution Amount 1.2349118
Total Interest Amount Distributed to Class A Certificateholder 9.8244067
Total Principal Amount Distributed to Class A Certificateholder 40.2371946
Credit Enhancement Draw Amount 0.00
DELINQUENCIES/FORECLOSURES
Class A-1
Number of Mortgages 31 to 60 Days Delinquent 75
Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent 2,717,358.07
Number of Mortgages 61 to 90 Days Delinquent 5
Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent 235,193.49
Number of Mortgages 91 to 180 or more Days Delinquent 2
Aggregate Principal Balances of Mortgages 91 to 180 or more Days Delinquent 74,341.59
Number of Mortgages 181 or more Days Delinquent 0
Aggregate Principal Balances of Mortgages 181 or more Days Delinquent 0.00
Number of Mortgage Loans in Foreclosure 0
Aggregate Principal Balances of Mortgage Loans in Foreclosure 0.00
Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed 0.00
Aggregate Trust Balances of any Liquidated Loans in the Current Month 0.00
Class A-2
Number of Mortgages 31 to 60 Days Delinquent 7
Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent 1,433,535.39
Number of Mortgages 61 to 90 Days Delinquent 0
</TABLE>
<PAGE>
<TABLE>
<S> <C>
Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent -
Number of Mortgages 91 to 180 or more Days Delinquent 0
Aggregate Principal Balances of Mortgages 91 to 180 or more Days Delinquent 0.00
Number of Mortgages 181 or more Days Delinquent 0
Aggregate Principal Balances of Mortgages 181 or more Days Delinquent 0.00
Number of Mortgage Loans in Foreclosure 0
Aggregate Principal Balances of Mortgage Loans in Foreclosure 0.00
Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed 0.00
Aggregate Trust Balances of any Liquidated Loans in the Current Month 0.00
TOTAL DELINQUENCIES/FORECLOSURES
Number of Mortgages 31 to 60 Days Delinquent 82
Aggregate Principal Balances of Mortgages 31 to 60 Days Delinquent 4,150,893.46
Number of Mortgages 61 to 90 Days Delinquent 5
Aggregate Principal Balances of Mortgages 61 to 90 Days Delinquent 235,193.49
Number of Mortgages 91 to 180 or more Days Delinquent 2
Aggregate Principal Balances of Mortgages 91 to 180 or more Days Delinquent 74,341.59
Number of Mortgages 181 or more Days Delinquent 0
Aggregate Principal Balances of Mortgages 181 or more Days Delinquent 0.00
Number of Mortgage Loans in Foreclosure 0
Aggregate Principal Balances of Mortgage Loans in Foreclosure 0.00
Book Value of Real Estate Acquired Through Foreclosure or Grant of a Deed 0.00
Aggregate Trust Balances of any Liquidated Loans in the Current Month 0.00
=========================================================================================================
</TABLE>
<TABLE>
<S> <C> <C> <C>
Class A-1 Note Rate For Next Distribution LIBOR 5.42750% 5.78250%
RESERVE FUND ACTIVITY
Class A-1 Reserve Fund Beginning Balance 0.00
Class A-1 Reserve Fund Deposit/Withdrawal 0.00
Class A-1 Reserve Fund Ending Balance 0.00
Class A-2 Reserve Fund Beginning Balance 0.00
Class A-2 Reserve Fund Deposit/Withdrawal 0.00
Class A-2 Reserve Fund Ending Balance 0.00
</TABLE>
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